What's up in Greece ?

[squirrel]

Some say a bank run has begun in Greece. (zerohedge)

With the new election being announced, that will surely delay any action to resolve this "issue".


On another note Hollande's plane was struck by (Zeus')lightning while on his way to meet with Merkel in Germany.

[Emil]

Some say a bank run has begun in Greece. (zerohedge)

With the new election being announced, that will surely delay any action to resolve this "issue".


On another note Hollande's plane was struck by (Zeus')lightning while on his way to meet with Merkel in Germany.

wouldnt you run to the bank if you lived there?! absolutely you would. Greece will most likely be out of the EU, this is the final leg of the crisis for them. it aint even about them anymore. Once Greece will be out, they need to safe guard Portugal, Ireland and the rest of the shit countries.

[alexd]

the rest of the shit countries.

Bit harsh isn't it ???

[squirrel]

Bit harsh isn't it ???

It is. The whole western world is over leveraged.

Alex, how are things in your home country ? Are people really mass withdrawing euros from their bank accounts since Monday ?

[jose]

Syriza will win the next elections AND 80% of the Greeks say they rather stay on the Euro...

Militars will be in charge before the year is over.

[Emil]

well, if you live there and your pensions will get erased, benefits taken away, you lose your jobs, enjoy 40% unemployment in the 20-30 yrs of age group i.e. most young people who should be the driving force of the economy like in Spain are jobless with zero prospects of finding a job and pretty soon whatever money you have in the banking systems most likely will be vacuum as the Iceland example shows us thier equivalent if FDIC nearly didnt have enough money to cover all of the deposits...if after that you still think i am harsh, then look me up after that and i will offer my formal apologies.

[Emil]

Syriza will win the next elections AND 80% of the Greeks say they rather stay on the Euro...

Militars will be in charge before the year is over.

it aint about what Greeks want and dont want, it is about what Germans want, wake up and smell the roses. People with money have the final say. If greeks just want to stay in EU and not do any austerity measures, then one day German voters will decide that enough is enough.

Btw, as numerous emerging markets example showed us, best thing for Greece longer term would be get out of EU, adopt own currency, devalue massively, default AGAIN and clean the balance sheet and start over, like Latvia did to some extend, like Iceland did, like Russia did back '98.

[Rubber Duck]

Bit harsh isn't it ???

Yeah, it is a bit rough on Greece lumping them in with the US and Japan.

[alexd]

Yeah, it is a bit rough on Greece lumping them in with the US and Japan.

;)

[alexd]

i will offer my formal apologies.

No need for that - if you are ever over here in Greece, I'll buy you a beer ( though you will have to pay as I will be skint !! )

[alexd]

It is. The whole western world is over leveraged.

Alex, how are things in your home country ? Are people really mass withdrawing euros from their bank accounts since Monday ?

To put it simply, things here are extremely fcuked up !! That's all I can say really without this turning into a never ending political thread !! I guess those of us who are holding Greek IDNs might just need to wait a little longer before they reach their potential ( and by a little longer, I am estimating something around the 100 year mark ! )

[bumblebee man]

Gotta love your optimism, Alex.
Posted via Mobile Device

[yanni]

Are people really mass withdrawing euros from their bank accounts since Monday ?

Nah, it's a outright lie. How can you withdraw something which doesn't exist?
:eek:

[Wot]

Nah, it's a outright lie. How can you withdraw something which doesn't exist?
:eek:

Bank accounts or Euro? :)

Understandable as the New Drachma ,if it happens,will be of little value and I guess most think the Euro will at least hold steady (Or maybe they will exchange for Swiss Franc or other currency?).

I mentioned to a member here that the whole thing is a plot by Turkey. If Greece leave the EU then Cyprus will follow then there will be nobody to object to Turkeys entry and I suppose from the EU's point of view swapping Greece and Cyprus for Turkey would be a good move financially and militarily.

[squirrel]

Good luck guys really

[Jay]

swapping Greece and Cyprus for Turkey would be a good move financially and militarily.

So sell Greek IDNs, buy Turkish?

[mulligan]

It's all right to be pissed but don't insult people's countries using that language.

Portugal, Ireland and the rest of the shit countries.

[bumblebee man]

I wonder why opting out of the Euro zone (not the EU - many people here seem to confuse that) doesn't seem to be an option for the majority of people in Greece.

Actually there's only 2 possibilities:

- Keeping the Euro and cutting public spending AND wages on a large scale. As we can see already this approach is pretty much suicidal for a recessive Economy.

- Opting out and devaluing the new currency. The only chance to (re)gain competitiveness imo. Some help (by the EU) would be needed until the trade defictit is overcome but then you'd have a real restart.

Keeping the Euro without cutting spending is just wishful thinking by the Syriza people.

Capital flight is irrelevant because it happened already. Repaying debt in Euros is irrelevant as well as it won't happen either way.

[Emil]

I wonder why opting out of the Euro zone (not the EU - many people here seem to confuse that) doesn't seem to be an option for the majority of people in Greece.

Actually there's only 2 possibilities:

- Keeping the Euro and cutting public spending AND wages on a large scale. As we can see already this approach is pretty much suicidal for a recessive Economy.

- Opting out and devaluing the new currency. The only chance to (re)gain competitiveness imo. Some help (by the EU) would be needed until the trade defictit is overcome but then you'd have a real restart.

Keeping the Euro without cutting spending is just wishful thinking by the Syriza people.

Capital flight is irrelevant because it happened already. Repaying debt in Euros is irrelevant as well as it won't happen either way.

agree 100%. i think option 2 you mentioned is the way to go. there are only 2 ways to get rid of debt problem:

1) grow out of it, but that won't happen as the world isnt going to grow, especially Greece as the debt burden is too big.
2) default and devalue.

[Rubber Duck]

agree 100%. i think option 2 you mentioned is the way to go. there are only 2 ways to get rid of debt problem:

1) grow out of it, but that won't happen as the world isnt going to grow, especially Greece as the debt burden is too big.
2) default and devalue.

Yes, and the US is pretending to 1 but actually doing 2.:rolleyes:

The only real difference between Greece and the US is size.

[Emil]

Yes, and the US is pretending to 1 but actually doing 2.:rolleyes:

The only real difference between Greece and the US is size.

agree 100% as well

[has2hands]

Truly amazing how a few bankers rule the world. Telling whole countries and their populations what they need to do.

[bwhhisc]

The only real difference between Greece and the US is size.

When do you predict the catastropic financial failure occuring for the US.

[Avtal]

Yes, and the US is pretending to 1 but actually doing 2.:rolleyes:

The only real difference between Greece and the US is size.

The main difference is that the US convinced the world to accept US government debt denominated in US dollars. This gives us more flexibility than Greece. Postponing the inevitable?

Greece has a third option by the way: Hang in there and hope that Germany and the ECB agree soon to devalue the Euro. They wouldn't do it for Greece, but they might do it to save Spain.

Avtal

P.S. As squirrel said: Good luck and best wishes to you guys living in Greece.

[JamesD]

It's all central-bank-hocus-pocus.

See how much global warming costs the average person vs. how much of that money goes into solving the problem (if you believe there is a problem there). It's the same with debt.

All this 'debt scare mongering' is just a smoke screen to ramp up taxes to pay 'debts' to central banks...which are owned by...who?

"It's a riddle wrapped in a mystery inside an enigma".

If Greece, Spain and whoever say screw you and default, what do you think would happen? Nothing. We'd still be here buying and selling names and waiting for the ICANN reveal.

[Rubber Duck]

When do you predict the catastropic financial failure occuring for the US.

Well, 2008 came and went and all that has happened is that you have printed a lot more dollars. The crunch will come when others start refusing your debt. These events are sudden and unpredictable, but if Obama stays in the White House, it won't be too long.

[Rubber Duck]

The main difference is that the US convinced the world to accept US government debt denominated in US dollars. This gives us more flexibility than Greece. Postponing the inevitable?

Greece has a third option by the way: Hang in there and hope that Germany and the ECB agree soon to devalue the Euro. They wouldn't do it for Greece, but they might do it to save Spain.

Avtal

P.S. As squirrel said: Good luck and best wishes to you guys living in Greece.

Devaluation won't make too much difference for Greece. It is not like they produce a lot of Cars or Computers for export onto the World Market.

If there is social collapse that will have a bigger impact on tourism than can be offset by devaluation.

[bumblebee man]

The only real difference between Greece and the US is size.

... and faith.

It might be unreasonable but it's still there.

[Rubber Duck]

... and faith.

It might be unreasonable but it's still there.

Yes, that is the nature of Bubbles. The greater the faith, the more severe the crash when it is realised that that faith had been misplaced all along.

[camarro]

wouldnt you run to the bank if you lived there?! absolutely you would. Greece will most likely be out of the EU, this is the final leg of the crisis for them. it aint even about them anymore. Once Greece will be out, they need to safe guard Portugal, Ireland and the rest of the shit countries.

Some of the "shit" countries you talk about gave Western civilization some of it's best things, things that we all take for granted today. Go educate yourself before start talking out of your ass you ignorant fool.

Yes, we have shit politicians, and yes our economy is in the shithouse, but that doesn't gives Merkel, Sarkozy or any other of the useless big money minions that populate Europe today the right to look down upon thousands of years of history and culture.
And sure as hell doesn't give you that right either.

...

[bumblebee man]

Yes, we have shit politicians, and yes our economy is in the shithouse, but that doesn't gives Merkel, Sarkozy or any other of the useless big money minions that populate Europe today the right to look down upon thousands of years of history and culture.
And sure as hell doesn't give you that right either.

...

I agree. But you should also understand that many European tax payers are fed up too. They are being made liable for other governments' inability and in fact stuffing their money into a large black hole.

[Drewbert]

The ones first out the door (of the Euro) will be the ones to recover the fastest. Iceland's doing pretty well for itself after it told the banks to take a running jump.

Ireland was about to do the same but got leaned on by the heavies and went all woman's blouse.

The best thing to do is leave BEFORE they asset strip your country.

Regain your sovereignty.

[sbe18]

Greece needs to change 1 thing first to attract any new investment / bailout or even after a default or even a return to the drachma.

It needs to stop and punish the culture of tax dodging of the elite.

[alexd]

It needs to stop and punish the culture of tax dodging of the elite.

Good luck ....

More chance of Mr T winning the elections over here in Greece next month, than that happening any time soon - though I agree that tax dodging is a real problem here !!

[JamesD]

It needs to stop and punish the culture of tax dodging of the elite.

Simple - get rid of income tax and increase VAT.

[yanni]

Good luck ....

More chance of Mr T winning the elections over here in Greece next month, than that happening any time soon - though I agree that tax dodging is a real problem here !!


Here you go Alex. Pass it on. (http://www.dimiourgiaxana.gr/intl/index.php/en/speeches-a-articles/198-founding-declaration-and-political-positions)

[clipper]

Greece has survived the Trojans, the Spartans, the Romans, the Goths, the Vandals, the Crusades and the Ottomans.

Something tells me that the Banker Invasion isn't going to force them to start re-using dishes.

[Drewbert]

When do you predict the catastropic financial failure occuring for the US.

Shortly after the Euro explodes. The banks all own and insurexxxxxx, sorry, take bets on each other.

[Drewbert]

http://www.channelregister.co.uk/2012/05/25/euro_implosion_strategy/